Are credit cards going away?

Because of recent regulation that caps the fees credit card companies can charge riskier customers, there has been talk that credit card companies are going to start charging customers interest from the time a purchase is made. According to the New York Times, “banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.” To me, it looks like the days of charging expenses on a card, paying it off in 30 days and reaping the cash rewards or airline miles may be over sooner rather than later.

Click here to read the entire article.

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